Fred99:

 

I don't think that it's known for sure what impact automation/AI will have on overall employment.

 

But if in fact it does means fewer jobs, that means more competition for remaining jobs, that means lower wages - and if that also means that to allow for an (unknown) future that might look like that, "saving more than you need" simply won't be possible.

 

What will happen is that unless the bounty / profits from automation are redistributed, is that either eventually the owners of the automated factories will have their heads displayed on pikes in town squares, or they'll have to build robots to protect themselves from that happening.

 

I think we need to be pushing people towards owning shares and other forms of passive income from an early age. Probably via professionally managed funds for most people.   Basically we need people to be earning independently of their labour and without govt paying them welfare.  between the ageing population and the coming tsunami of chronic disease, govt won't be able to afford widespread welfare.

I've started KS accounts for my kids.  I put in enough to ensure they get the govt bonus each year.  Aggressive investment profiles.  Started at a fortuitous time, when there was blood on the floor in world markets.  Their funds are doing quite well.